On Monday, U.S. markets were closed for the Labor Day holiday. But that didn't stop a busy day for the global markets.
Global markets were relatively flat as investors eyed the G-20 conference in China. Russia and Saudi Arabia made headlines after ramping up support for a possible production freeze to support higher oil prices.
On Friday, the Dow gained 72 points after the August jobs report came in much weaker than economists had anticipated.
The weak report zapped remaining hopes for an interest rate hike in September.
Let's take a look at Friday's stock market numbers:
Dow Jones: 18,491.72, +72.53, +0.39%
S&P 500: 2,179.98, +9.12, +0.42%
Nasdaq: 5,249.90, +22.69, +0.43%
Now, here's a look at what else is moving the markets, plus a preview of tomorrow's economic calendar.
The Dow Jones Industrial Average projected a 20-point gain at the opening bell. Following last week's jobs report, investors continue to speculate on the timing of the next interest rate hike.
Editor's Note: Find out how Money Morning is making investing profitable for retail investors, just like you.
It's an incredibly busy day in deal news. General Electric Co. (NYSE: GE) announced that it will purchase two European 3D printing companies for $1.4 billion. In an effort to boost its 3D manufacturing capabilities, GE is buying equipment suppliers Arcam and SLM Solutions.
Meanwhile, German drug giant Bayer AG (ADR) (OTCMKTS: BAYRY) isn't willing to take "No" for an answer. The firm has increased its bid for global seed giant Monsanto Co. (NYSE: MON) to $127.50 per share. That surpasses the $64 billion bid it posted in July, but was rejected by MON stock shareholders.
Oil prices were mixed in premarket hours as investors weigh the possibility of a production freeze by global producers. Saudi Arabia has been sending mixed signals about the potential for a deal when OPEC meets in Algeria later this month. On Monday, representatives of Saudi Arabia and Russia agreed to cooperate to help boost prices. However, Saudi Energy Minister Khalid al-Falih later said that a deal wasn't necessary at the moment. This morning, the WTI crude price was up 0.5%, while Brent crude slipped 0.9%.
But the big news this morning is about central banks. While central banks around the globe have been pushing interest rates to record lows, they've also been doing something else that is shocking. These entities and commercial "Too Big to Fail" banks have been buying undervalued gold and silver miners. In fact, they have been engaging in this behavior for five years.
[mmpazkzone name="in-story" network="9794" site="307044" id="137008" type="4"]
Up Next: Stocks that pay dividends deliver triple the returns of nonpayers. And these "dividend kings" have boosted payouts 50 years in a row...
Follow Money Morning on Facebook and Twitter.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.